Tag Archives: Reports

Geely And Foxconn To Make EVs In China For Faraday Future

Shortly after it was announced that Faraday Future will be listed on the Nasdaq, it has been revealed that Geely and Foxconn are in talks to provide contract manufacturing services to the electric automaker.

In a statement issued late last week, Geely announced that it had signed a framework agreement to offer technology and engineering support to Faraday Future while also becoming a minority investor in the company’s public listing.

Read Also: Floundering Faraday Future Is Going Public, Looks To Cash In On The EV Investment Craze

While Foxconn has declined to comment on its role with Faraday Future, Reuters understands that Faraday Future will look to set up a new base in China and enlist Geely to build its electric vehicles for the local market. The company intends on commencing U.S. deliveries of the FF 91 approximately 12 months after its public listing.

Faraday Future is looking to cash in on the ongoing electric vehicle investment craze and will be taken public via a special purpose acquisition company, Property Solutions Acquisition Corp, in a deal that will value the combined entity at $3.4 billion. The listing is expected to generate proceeds of $1 billion, which will be used to bring the FF 91, that was first unveiled as a concept in early 2017, into production.

In addition to developing the high-end, luxurious FF 91, Faraday Future is working on a smaller, more accessible model dubbed the FF 81. This is being billed as a “premium mass market vehicle” and is expected to be launched in 2023. Faraday Future is also planning a model dubbed the FF 71 and a Smart Last Mile Delivery vehicle.

Cupra’s Version Of The VW ID.3, The el-Born, Will Feature A ‘Boost’ Function For Overtaking

Cupra is readying their version of the VW ID.3 in the form of the el-Born, a sportier interpretation of the electric Golf-sized hatchback, and apparently, it will have an extra feature to further differentiate itself.

Much like the Sport Chrono overboost function in the Porsche 911, the el-Born is set to get a special ‘overtaking’ function in the form of a push-to-pass boost button, according to the brand’s boss Wayne Griffiths.

By pressing this button, the electric powertrain of the Cupra El-Born will produce more power than normal for a limited amount of time, cutting short the time you spend overtaking other vehicles.

Read Also: ABT Sportsline Upgrades 2021 Cupra Formentor To 365 HP

“I would say we call it ‘impulse’; you can have power on demand. You have pure acceleration and then when you need it, a push-to-pass button to go faster,” Griffiths told Top Gear.

In addition, the el-Born will also feature an exclusively developed Dynamic Chassis Control Sport (DCC Sport) suspension in order to offer a more engaging and fun handling than its VW sibling.

“Things like ‘boost on demand’, the sporty suspension, the steering, the brakes, the whole handling experience. And we’re looking to do even higher powered versions of the Cupra El-Born,” adds Griffiths.

“I’ve driven both [the ID.3 and the El-Born] and I think the Cupra is ‘a Cupra’. It is important that the Cupra stays authentic, in terms of handling. Pure electric cars that are designed in a different way, and when you get into cornering, handling, braking, steering, I think there’s a big amount of differentiation you can create there.”

Cupra’s boss also confirmed the rumors of an upcoming version of the Formentor which uses an Audi-sourced 2.5-liter five-cylinder turbo engine. The souped-up Formentor should arrive in the market later this year with around 400 HP.

PHOTO GALLERY

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Hyundai Considering Pulling Plug On Kona EV In South Korea

Even though the Hyundai Kona Electric is one of Europe’s best-selling EVs, a series of recalls could end up costing it dearly in its home market of South Korea.

The recalls were prompted by multiple fires (resulting in lawsuits), as well as faulty braking systems, leading the carmaker to allegedly consider ending domestic sales for its fully-electric crossover, claims cable news channel YTN.

However, according to the JoonAng daily, an unidentified source is saying that sales will continue in Europe, reports Autonews Europe.

Read Also: Hyundai EV Battery Fires Lead To Lawsuits, GM Recalls 70,000 Cars With Batteries From Same Maker

While declining to comment on these reports, Hyundai did state that they are “reviewing various options as we prepare to launch the Ioniq 5”.

The Kona EV was recalled in South Korea back in October due to a short circuit risk, possibly caused by the faulty manufacturing of the car’s high-voltage battery cells. The recall, which includes software updates and battery replacements following an inspection, involves 25,564 units built between September 2017 and March 2020.

This same issue also forced GM to recall 70,000 cars fitted with batteries from the same maker, specifically LG Chem

As for the other issue, a total of 50,864 Kona and Nexo fuel-cell vehicles were recalled in South Korea due to faulty electronic braking systems – the problem here being a software defect that affects not just Kona EV variants but the hybrid version as well (built between May 2019 and November 2020).

It’s safe to say that pulling the Kona EV from its home market would be a tough pill to swallow for Hyundai.

Bronco Buyers Get $300 Worth Of FordPass Rewards Points To Make Up For Production Delay

You may have heard by now that Bronco production has been delayed as a result of pandemic-related production shortages. Well, if you put your money down for one, Ford wants to say sorry and is offering $100 to thank you for your patience.

Well, we should really say a $100 value, because the money comes in the form of FordPass Rewards Points and is in addition to $200 already being offered to Bronco buyers.

The FordPass Rewards Point apology was found in a letter sent to Bronco buyers that was discovered by Torquenews. It outlines how every buyer is signed up to FordPass and earns 42,000 points upon receiving their vehicles.

Read Also: Bronco Launch Delayed Until Summer 2021 Over Supplier Issues

That’s what all Bronco buyers get, though. The ones who have been waiting for their Bronco will get another 20,000 points. That’s worth an extra $100, according to Ford, making the full 62,000 points worth $300.

What can you buy with FordPass Rewards Points? Well, you can use the points towards service, maintenance and accessories, of which there are a lot of for the Bronco. The program is still pretty young, though, and Ford said in the letter that it would be revealing more about it as deliveries of the Bronco start.

Production of the Bronco is now set to start in the summer – and rumors suggest that that means some deliveries on models that have already been ordered could, due to the delay, be pushed back into 2022, although nothing is official yet.

Ferrari Admits The Purosangue SUV Will Be Harder To Develop Than The SF90

Ferrari had admitted that developing the Purosangue SUV will be a tougher challenge than the SF90 Stradale with its complex hybrid powertrain.

Hot on the heels of the Italian car manufacturer unveiling the SF90 Spider, Ferrari chief technical officer Michael Leiters was asked whether making an electrified powertrain feel like a proper Ferrari or if trying to get an SUV to feel like a Ferrari, was more challenging.

“The SF90 was a challenge, but the Purosangue SUV is another dimension of complication,” Leiters told Top Gear. “And this means we need a certain culture and test procedures so we can meet customer requirements for SUVs. But I’m very confident. Personally, I’ve done a lot of SUVs and I think we’ve understood what’s necessary for an SUV that’s a real Ferrari. When it’s time we’ll show you it’s not a contradiction.”

Read Also: 2022 Ferrari Purosangue SUV Spotted In Maranello Wearing A Weird Disguise

Leiters is perhaps the perfect man for the job as he was formerly in charge of SUVs at Porsche.

A handful of Ferrari Purosangue prototypes have been spied testing in recent months with most a mish-mash of random Maserati and Ferrari parts. However, as these prototypes have sported pre-existing body panels from the Ferrari parts bin, it’s impossible to know just what the finished SUV will look like.

Similar questions remain about the vehicle’s powertrain. One likely candidate is the 3.9-liter twin-turbocharged V8 of the GTC4 Lusso, tweaked to around the 650 hp mark, perfect to allow the Ferrari to rival the Lamborghini Urus. It’s also possible that the twin-turbocharged hybrid V6 currently being developed by the car manufacturer could be offered.

Rendering courtesy of Daniel Crossman on Behance

Hate Crime Or Overreaction? Mustang Driver In Trouble For Leaving Tire Marks On Pride Crosswalk

June was LGBT Pride Month and the West Vancouver Police Department celebrated the occasion by unveiling a rainbow-colored crosswalk outside the station.

At the time, the department said “While our Pride flag may have come down for the year, the new crosswalk will remain as a statement of our commitment to promote inclusion, diversity, and respect.”

One week after it was unveiled, the crosswalk was reportedly “defaced” by the driver of a fourth-generation Ford Mustang. According to the department, on July 7th staff inside the police station heard “loud and sustained tire squealing” coming from outside.

Also Read: Ford Mustang With “Street Racing Is Not A Crime” Sticker Predictably Crashes

When they went to investigate, they discovered tire marks on the crosswalk. Police went on to say the “suspect vehicle left the area at a high rate of speed and was not located.”

In a statement, Cst. Kevin Goodmurphy claimed the driver of the Mustang chose to “leave a gesture of hate on a crosswalk that stands for the exact opposite.” The department also called for the public’s help locating the pony car.

While it’s unfortunate the crosswalk was damaged, the surveillance video doesn’t exactly scream hate crime. As you can see, the Mustang pulls up to the intersection and makes a complete stop. It then turns right and drives out of view.

There’s no audio and the rear tires are hidden by vegetation, but this doesn’t appear like the aggressive, hate-filled burnout that police are implying. The ‘action’ also lasts for less than eight seconds and that doesn’t seem like it could cause the “sustained tire squealing” claimed by police.

CBC News reports police have identified a suspect, but there’s no word on who it is or what charges they could be facing. However, the department originally noted they were a investigating a case of “mischief to property.”

It’s official! We held a small ceremony today to unveil the new Pride crosswalk outside the police station. While our…

Posted by West Vancouver Police on Tuesday, June 30, 2020

Hertz Faces Off With $11 Billion Bond Creditors Over 494,000 Used Vehicles

Hertz and its bondholders are looking for ways to shrink the company’s near half-a-million vehicle fleet in what is turning into a tense standoff.

It is understood that the 494,000 used vehicles in Hertz’s fleet are linked to its asset-backed securities and leased to it. Ordinarily, when a company files for bankruptcy, like Hertz has done, it needs to confirm or reject the master lease tied to the debt. In the event of it keeping the lease, it has to continue making payments on the vehicles but if it chooses to ditch the master lease, the collateral is liquidated to pay back bondholders.

Read Also: Is Buying A Used Rental Car A Good Idea? It Can Be If You’re Looking For Savings

Bloomberg reports that Hertz wants a judge to permit it to alter the master lease into 494,000 separate agreements for each of the used cars, allowing it to reject the terms of 144,000 vehicles. Doing so would allow Hertz to save approximately $80 million a month, savings that could prove pivotal on whether or not the company can continue to operate in the long term.

Hertz wants to avoid liquidation and strengthen its balance sheet through the restructuring. Meanwhile, its creditors, who hold $11 billion in bonds, are facing the prospect of losses.

“It’s going to be a real showdown,” Bloomberg Intelligence Philip Brendel said. “Hertz is taking an aggressive posture, but if it rejects the master lease, it doesn’t have a fleet and this bankruptcy looks more like a liquidation.”

For creditors, the best bet is that Hertz will make lease payments on the vehicles in its fleet as it sells them gradually.

GM Says They Can’t Fill All The 2020 Corvette Orders

The 2020 Corvette C8 was one of the most highly anticipated cars in years, but it has suffered an almost endless series of setbacks.

Issues first cropped up due to the UAW strike which lasted over a month and delayed production of the final C7s.

This, in turn, delayed production of the C8 as the plant had to retool to build the new mid-engine sports car. The first C8s eventually rolled off the assembly line in February and quickly headed to eager customers.

Also Read: Chevy To Resume 2020 Corvette Production On May 26, 2021MY Pushed Back To November

About a month and a half later, the coronavirus ground production to a halt as GM shuttered plants across North America. While the company quietly resumed production of the C8 chassis in April, the pandemic kept Bowling Green Assembly closed until late May.

Given these delays, GM spokesperson Kevin Kelly told The Detroit Free Press “We are not going to build all of the 2020 orders.” To make matters even worse, GM’s not sure how many Corvettes they will be able to build this year.

As Kelly explained, “The plant is still coming up from COVID” and “we still haven’t brought up the second shift yet, so we’re still ramping up.” There are also supplier issues, but Kelly wouldn’t elaborate other than to say “There are issues across the board with suppliers and it’s not just [with] the Corvette.”

Despite these problems, GM wants to fill as many orders as possible. As part of this effort, production of the 2020 C8 has been extended through the fall. The company is also set to begin building the C8 Convertible this summer, but exact timing remains a mystery.

GM has reportedly received more than 20,000 orders for the C8 and customers who can’t get a 2020 model will be offered 2021 Corvette instead.

San Leandro Rioters Stole 50 Cars From FCA Dealer, Including Nearly Every $80k Hellcat

Following our story earlier today about the ransacking of the ‘San Leandro Chrysler Dodge Jeep RAM SRT’ in California on Sunday night, more details on the aftermath have emerged.

In particular, the owner of the dealership revealed that upwards of 50 vehicles were stolen from the FCA dealership in the midst of wide-spread looting throghout the local Alameda County and other parts of the U.S.

Footage of the looting, triggered by civil unrest following the death of George Floyd while under police custody in Minneapolis on May 25, hit social media on Monday, showing several Dodge Challengers and Chargers being driven off the San Leandro dealer lot.

Read: Looters Raid FCA Dealership Driving Off With Hellcats, Burn AMG GT In Mercedes Showroom

San Leandro Chrysler Dodge Jeep Ram

Speaking with CBS Local, the owner of the San Leandro Chrysler Dodge Jeep Ram dealership, Carlos Hidalgo, said that around 50 vehicles were stolen from the showroom and the parking lot. This included “nearly every” powerful Dodge Challenger Hellcat and Dodge Charger Hellcat model, many of which appear to have been on sale with prices ranging from just under $60,000 to upwards of $90,000. Among the vehicles stolen was a 2020 Dodge Charger SRT Hellcat Widebody Daytona 50th Anniversary Edition painted white with a blue livery and a showroom price of $90,995.

“Right now we’re thinking 50 [vehicles] … Gone,” Hidalgo said. “We have trackers on them so we’re seeing which ones are out there. They’re running around everywhere. We tried calling the cops and they were too busy. They couldn’t respond. So, you know …”

How the looters gained access to the cars

Hidalgo says the rioters gained access to a key safe, hence why they were able to drive away with the vehicles. He had instructed employees to use the dealership’s cars to block the driveways after seeing looters ransacking a Nike store across the street. However, that was not enough to stop them from gaining access to the dealership.

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During the brazen theft, looters showed a total disregard for the vehicles and at one stage, drove a Hellcat parked in a corner into two other Hellcats on either side of it before stealing it. What’s more, a Hellcat displayed on the showroom floor was driven right through the glass front windows. Many of the Hellcat models stolen look to have been brand new and were still equipped with their front splitter guards.

“It’s not a cause for anybody. This is just bad thieves. It’s horrible,” said Hidalgo. “This is domestic terrorism brought upon to people that work. That’s not right.” Hidalgo added that the theft and damage caused to his dealership will hurt the 100 people that he employs who had already been struggling during the coronavirus pandemic.

Musk Says Tesla Roadster Will Be Delayed Until After The Cybertruck’s Launch

The second-generation Tesla Roadster has been all over the Milky Way but has yet to land in dealerships on this planet.

When the all-new Tesla Roadster was first unveiled in November 2017, it came with the promise of a market launch in 2020. Later on, Musk said Roadster sales would start after the release of a revised Model S sedan, widely expected at the end of 2020.

However, people who paid reservation fees should arm themselves with more patience as the new Roadster will not happen this year and probably not next year either. In a two-hour podcast interview with Joe Rogan released on Thursday and brought to our attention by Reuters, Tesla CEO Elon Musk said the planned Roadster sports car would be delayed to allow the company to bring more important models to market first.

See Also: Tesla Says Production Roadster Will Be Better In Every Way Than The Prototype

When Rogan asked when he could buy a Roadster, Musk replied he could not provide a date, adding that the ramp-up in production of Model Y SUVs and the construction of an assembly plant in Berlin were priorities.

“Roadster is kind of like dessert. We gotta get the meat and potatoes and greens and stuff,” Musk said. So does that mean that after those two things are done, Tesla will focus on the Roadster launch? Umm, not really. The CEO added that Tesla should also build the Cybertruck before working on the Roadster.

Taking into account that the Cybertruck is scheduled to be released in late 2021, this probably means the Tesla Roadster won’t arrive sooner than 2022.

When Tesla announced the battery-powered four-seat Roadster at the end of 2017, it said the sports car would be faster than any street-legal production car. The quoted 0-60 mph (0-96 km/h) time of 1.9 seconds, quarter mile time of 8.9 seconds, and 250 mph (402 km/h) top speed would certainly give it bragging rights, but who’s to say these numbers will still be good enough in 2022 or later?

In the Joe Rogan Experience interview you can watch in its entirety after the jump, Musk again lashed out at stay-at-home orders imposed by the U.S. states to curb the spread of the coronavirus. He labeled lockdown orders as “unconstitutional” and said they would not hold up before the U.S. Supreme Court if challenged.

Most of the interview focuses on artificial intelligence and Musk’s Neuralink company, which develops implantable brain-machine interfaces. This was Musk’s second appearance on Rogan’s podcast after the September 2018 interview in which the Tesla CEO famously smoked a marijuana joint with the host.